Big Loan Conversion Planned in Auckland
SAVING FOR CITY COUNCIL. Per Press Association. AUCKLAND, Last Night. The first formal step in the biggest loan conversion attempted by- any New Zealand local body was taken by the Auckland City Council at a special meeting, when a resolution was canied providing for the issue of new securities in conversion of debentures or other securities in respect to 100 'separate loans, aggregating £1,707,275. The resolution will come up for confirmation on June 7.
The Mayor said that, under the present temporary legislation, the council was saving £IS,2SS per annum in interest payments. That legislation would expire in 1935. The conversion scheme which had been adopted made permanent that saving and an additional £283-1 or £21,092 a year in all.
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Manawatu Times, Volume LIX, Issue 7473, 25 May 1934, Page 6
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126Big Loan Conversion Planned in Auckland Manawatu Times, Volume LIX, Issue 7473, 25 May 1934, Page 6
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